Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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Ross Stores Inc., consolidated statement of comprehensive income
US$ in thousands
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).
The financial data reveals significant patterns in net earnings, other comprehensive loss, and comprehensive income over the six-year period.
- Net Earnings
- Net earnings exhibit a generally upward trend from 2017 to 2022, rising from approximately 1,117,654 thousand US dollars in 2017 to 1,722,589 thousand US dollars in 2022. There is a consistent year-over-year increase noted from 2017 through 2020, where net earnings increased annually, reaching a peak of approximately 1,660,928 thousand US dollars in 2020. The year 2021 breaks this increasing trend sharply with a drastic decline to 85,382 thousand US dollars, indicating a significant reduction in profitability that year. However, in 2022, net earnings recover substantially, returning to the upward trajectory and exceeding previous year levels.
- Other Comprehensive Loss and Changes in Unrealized Gains (Losses)
- The changes in unrealized gain (loss) on investments, net of tax, recorded as other comprehensive loss, are relatively minor in absolute terms and show a diminishing negative amount each year from 2017 to 2019 (-91, -64, and -27 thousand US dollars respectively). No data is provided beyond 2019, implying either immaterial values or discontinuation of reporting in this category. These small negative balances indicate limited adverse impact on comprehensive income from unrealized investment changes during the reported years.
- Comprehensive Income
- Comprehensive income closely follows the trend of net earnings, given the negligible effect of other comprehensive losses. It grows from about 1,117,563 thousand US dollars in 2017 to 1,580,430 thousand US dollars in 2019, then further to 1,660,928 thousand US dollars in 2020. Similar to net earnings, comprehensive income shows a sharp decrease in 2021 to 85,382 thousand US dollars, followed by a strong recovery in 2022 to 1,722,589 thousand US dollars.
In summary, the data indicates robust growth in profitability and overall income from 2017 through 2020, a significant and abrupt decline in 2021, and a strong rebound in 2022. The other comprehensive income components contribute minimally to total comprehensive income, suggesting the primary driver of overall income changes is net earnings from core operations or activities.